Report Summary

The global nuclear power market is likely to generate a demand of USD 205.2 billion by 2024, while actuating at a CAGR of 8.9% over the next seven years. Augmenting demand for energy across the globe combined with increasing preference for clean energy in order to address various environmental concerns are the major driving factors for the market. The years used for the assessment are as follows;

Historical year : 2014,2015 & 2016

Base year : 2017

Forecast period : 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources

Interacting with key opinion leaders of the market and developing data points based on interaction with them

Study of past trends in the market and their year on year impact on the market size and share

Analyzing the collected data points

Bridging the data points to calculate the nuclear power market and its various segments

Anticipating potential risks

Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global nuclear power market

Finalizing the overall size and share for the global nuclear power market.

OBJECTIVES:

To classify global nuclear power market into segments on the basis of reactor type, and application, to analyze their growth prospects individually

To analyze market trends, opportunities, drivers and restraints associated with nuclear power

Profiling key companies operating in the global nuclear power market

To study market response with respect to the mergers and acquisitions in the industry

MARKET SCOPE

The research scope for nuclear power market is as follows:

By Reactor Type

Pressurized Water Reactor (PWR)

Boiler Water Reactor (BWR)

Pressurized Heavy Water Reactor (PHWR)

Gas Cooled Reactor (GCR)

Others

By Application

Electric Power Generation

Industrial

Medical

Food & Agriculture

Others

By Region

North America

Europe

Asia-Pacific

Rest of the World (ROW)

Free Analysis

The global nuclear power market is expected to reach USD 205.2 billion by 2024, at a CAGR of 8.9% from 2018 to 2024. Increasing transition towards clean sources of energy due to rising concerns towards global climate change has been a key driver for the market. Nuclear power is increasingly replacing the conventional energy sources due to its emergence as a low carbon alternative for coal and other fossil fuels.

According to the World Nuclear Association, nuclear power currently accounts for around 11% of the world’s electricity generation. The considerable rise in the demand for energy across the globe has promoted the need for nuclear power generation all the more. However, there has been a surge in the public opposition for nuclear power in light of safety concerns. The disastrous after effects of Fukushima incident of 2011 has had a powerful impact over the population and has therefore led to nuclear phase out in a few nations.

Despite immense public opposition coupled with various initiatives by the government to promote the growth of renewable energy, has left the demand for nuclear power unaffected due to its widespread application across diverse industries. Moreover, several stringent regulations in order to reduce the carbon emissions have led to market growth over the years to come.

Furthermore, high end research is being undertaken in order to enable effective power generation. However, the high costs associated with the nuclear power generation as well as decommissioning of nuclear facilities at the end of their life span is likely to restrain the market growth over the next seven years. Also, technological developments are underway so as to ensure efficient nuclear waste management.

Additionally, market participants are investing profoundly in innovation and technological advancements for nuclear power generation in order to overcome market hindrances. The PWR segment held the major share of the global nuclear power market in 2017, and is expected to maintain its dominance during 2018-2024. Inherent characteristics of PWRs such as high stability and ease of operation has increased their preference over other reactors.

Geographically, Europe held the maximum share of the market on account of presence of key nuclear power generating nations such as France, Russia, Germany and more. However, North America is anticipated to emerge as the fastest growing region over the forecast period in light of growing regulations to reduce carbon emissions and thereby combat global climate change.